Following their worst season in their thirty-year history[8]—in which they finished ninth in the World Constructors' Championship with just five points—the team underwent a technical review, employing former McLaren designer Mike Coughlan (having served his suspension for his role in the 2007 Formula One espionage controversy) as Chief Designer, and promoting Jason Somerville to Head of Aerodynamics.

The car, which was launched on the 7 February 2012, was driven by Pastor Maldonado and Bruno Senna.

At the 2012 Spanish Grand Prix, Maldonado drove the FW34 to pole position and converted it to victory the next day.

Drawing the inspiration from the Rothmans-sponsored FW19 of 1997, the blue colour on the engine cover was flipped along with other minor changes.

PDVSA was retained for the second year with new sponsorships from Procter & Gamble products (Gillette and Head & Shoulders).